(Bloomberg) -- German media giant Bertelsmann SE & Co. decided not to proceed with the sale of its stake in Groupe M6 citing “legal risks and uncertainties,” despite receiving “financially attractive offers.” 

Three groups of buyers including French producer Stephane Courbit, French billionaire Xavier Niel and Czech billionaire Daniel Kretinsky have made offers for Bertelsmann’s 48% stake in M6. Bertelsmann is M6’s largest owner and was keen to offload the stake before May, when the channel is set to renew its license with media regulator Arcom, preventing a change of control for five years. 

“RTL Group remains convinced that market consolidation is necessary to compete with the global tech platforms -- and that market consolidation will happen in the European TV markets sooner or later”, the company said in a statement Monday. 

Bertelsmann, which owns M6 via its publicly traded RTL Group SA arm, initially planned to merge the French TV company with its rival, Television Francaise 1 SA. This deal was abandoned in September after regulators raised antitrust concerns. Any new deal would have been subject to regulatory approval.

With a market value of 1.57 billion euros ($1.5 billion), M6 includes several TV channels and France’s second most listened to radio station, RTL. Its flagship TV channel is the country’s most profitable network, known for shows including Top Chef and French reality dating show hit Farmer Wants a Wife. 

“With a strong presence across TV, radio and streaming, Groupe M6 will play a key role in any further consolidation in the French TV industry,” RTL said

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